In a statement, Labour's shadow chancellor Ed Balls MP said the report, which proposes radical reforms to how the UK banking industry operates, should not shirk away from putting more bankers into prison.

"This report sets out a radical blueprint for change on professional standards, regulation, competition, pay and accountability. It is vital that the Government and the banks rise to the challenge," said Balls.

"And he must rethink his refusal to implement some of the recommendations of the Commission's previous reports, including on the need for a backstop power for full separation of the banks. This is no time to duck radical reform."

It's final report, published today, features a set of recommendations on how to improve corporate governance, transparency and conflicts of interest, as well as changes to executive pay.

"After the global financial crisis and the banking scandals that followed we need cultural change and radical reform to protect taxpayers, rebuild public confidence in the banks and ensure that in future they work to support the wider economy," said Balls.